Linyang Energy(SH:601222) Tianfeng Securities·2025-04-16 04:57Investment Rating - The report assigns a "Hold" rating for the company with a target price of 7.26 CNY based on a 2025 PE of 11x [7]. Core Insights - The company has achieved a revenue of 5.166 billion CNY in Q1-Q3 2024, representing a year-on-year growth of 8.76%, and a net profit of 910 million CNY, up 6.95% year-on-year, indicating stable performance [1][12]. - The company is actively expanding its global presence in the smart meter and energy storage sectors, with significant growth in overseas sales and a strong order backlog [2][4]. - The company is well-positioned in the photovoltaic industry, with a multi-segment strategy that includes upstream and downstream collaborations, particularly in the TOPCon technology [3][5]. Summary by Sections Smart Meter Business - The company maintains a stable market share in the domestic smart meter sector, with a 13% year-on-year increase in cumulative exports by November 2024, particularly strong growth in the Asia-Pacific and African markets [2][48]. - The company has diversified its product line and increased R&D investment, leading to significant achievements in global market penetration [2][12]. Photovoltaic Industry - The company has strategically positioned itself across multiple segments of the photovoltaic industry, benefiting from favorable policies and a growing market [3][5]. - The TOPCon production line has been successfully launched, with the first phase of a 20GW project completed in September 2023 [3][5]. Energy Storage Sector - The energy storage industry is rapidly developing due to policy support, with the company establishing a comprehensive supply chain and accumulating over 6GWh of project resources [4][5]. - The company has implemented a "3 + 2" strategy to expand its overseas market presence, particularly in collaboration with partners in Saudi Arabia [4][5]. Financial Performance - The company forecasts net profits of 1.229 billion CNY, 1.458 billion CNY, and 1.742 billion CNY for 2024, 2025, and 2026 respectively, with corresponding PE ratios of 11.60, 9.79, and 8.19 [5][6]. - The company has shown a consistent ability to maintain high profitability and dividend payouts, with a dividend yield of 4.38% in 2024 [33][36].